Introduction : Accessing E-Money with Biometric Face Verification
Worldcoin is an ambitious project that is aimed towards creating a universal and decentralized identity system. Designed to become the world’s largest digital ID and financial network, it has been making waves. Recently, Worldcoin came out with its latest announcement talking about integrating biometric face verification into its World ID 2.0 platform.
With this move, users of World ID 2.0 can expect to see increased security and convenience. However, the announcement is also igniting discussions pertaining to privacy, bias, and also the very nature of decentralized identity in today’s digital age.
What is Worldcoin and World ID
Worldcoin is one of the more recent digital currencies launched on July 24th 2023. Owned by OpenAI’s CEO, Sam Altman, Worldcoin is a unique digital currency in the way that it is regulated. Unlike other digital currencies, worldcoin uses biometric face verification and eye scans to determine the humanhood of a user. To put two and two together, Worldcoin is basically a combination of blockchain and AI/ML technologies working together in an open-source protocol.
Worldcoin makes use of World ID which is a person’s unique digital ID that works with world coin tokens. Users sign up for the World App using their World ID. However, to access Worldcoin tokens one must visit one of the iris-scanning centers, also called Orbs, for biometric face verification in one of the 35 world countries.
Unveiling World ID 2.0
Recently, on 13th December 2023, Worldcoin announced its latest World ID 2.0 protocol. World ID 2.0 comes as a much more powerful digital passport that offers efficient security. World ID 2.0 comes with new features and integrations.
Personhood over identity via biometric face verification
World ID 2.0 uses biometric face verification not just to confirm the identity of users but to, first and foremost, check their human-ness. World ID 2.0 is based on the idea of addressing income inequality irrespective of all other factors.
While biometric face verification services offer excellence in determining human identity, scammers also work hard to bypass these security measures. Scammers may try to use photographs or pre-recorded videos to fool software. According to a CNBC report, businesses worldwide are losing up to a hundred billion each year due to scams and bots. With World ID 2.0, face liveness verification is key.
KYC face verification and the different levels of World ID 2.0
World ID 2.0 offers three different levels of users based on the authentication steps they complete.
- The lowest of the three is the “World ID device level”. This level can be attained by any person who signs up and registers on the World ID app. However, i2t still demands trusted mobile devices.
- The second level is the “World ID Orb”. This level offers strong human feelings. It uses the Orb signal from World ID 1.0 to prove authenticity.
- “World ID Orb+” is the third level. It demands biometric face verification and offers greater security than the first two. Orb+ ensures that only you can use the app and also only for a specific defined action after verification.
Is Online Face Verification a Boon for Decentralized IDs?
Decentralized IDs and digital currencies offer one major benefit and that is anonymity. With biometric face verification, this goes out of the window. So why should anyone still go for digital currency or World ID?
World ID states that their data storage is extremely secure and private. According to them, all your data is stored on your app, and if you choose, you can delete it wholly very easily. In fact, it was described as one of the most private apps among those like it.
However, even if this weren’t the case, biometric face verification working with digital currencies still doesn’t mean an end for face verification services.
Supporters of biometric face verification in digital currency highlight several potential benefits.
Enhanced security
Biometric face verification offers a robust layer of security to the already crime-prone world of digital currencies. Through biometric verification, digital currency wallets can ensure that every trader is a safe person. In this way, we can litigate fraud as well as concerns related to unauthorized access to secure digital data.
Offering improved user experience
Convenience is one of the major benefits that come when any app integrates face recognition. Through selfie verification that processes in seconds, users can access a faster and more seamless authentication process. This is of particular benefit in comparison to passwords or codes that one manually enters.
Increased public acceptance
An increase in security and ease of use by biometric face verification has the power to attract many more users and platforms to the Worldcoin ecosystem. A higher public acceptance and usage will solidify the position of a digital currency in the decentralized ID landscape.
To Sum Up – The consequences of Biometric Face Verification
The Worldcoin news is sparking a conversation about the future of digital currency security. In a digital world, security now shows up as one of the biggest challenges.
Biometric face verification in spite of its issues, offers significant advantages ranging from convenience to security. While benefits are always a good thing, the integration of biometrics and facial data into decentralized systems requires careful consideration. This is due to the risk of privacy and control issues as well as potential biases. With careful regulations and efficient monitoring, hopefully, we will achieve digital currency models with the ideal ratio of safety and security.